Accurate budgeting, planning, and forecasting is essential for all levels of an organization to have confidence when making decisions and investments. This has become increasingly difficult during the COVID-19 crisis, as institutions face inversion of the yield curve, emergency rate cuts, and growing economic uncertainty.

While forecasts will never predict the future with 100% accuracy, finance teams can improve forecasts by updating them throughout the year instead of annually, as traditional annual budgets often become static and outdated by the time they're even approved.

Agile financial institutions are re-forecasting regularly and essentially making resource decisions as late as possible instead of once a year. This approach allows for organizations to react quickly to competitive and market forces.